Understatement of the Year: “Overheated housing markets cool down.”

I’m not one of those people that subscribes to the idea that we’re teetering on the precipice of an depression inducing crash in the housing market, but monkey with a Sharpie could’ve written the headline for this CNN article on the state of real estate. Here’s another insightful nugget:

Some of the nation’s most overheated housing markets may be cooling off to more reasonable levels following their unprecedented run-up in the first half of the decade.

Unsurprisingly, California is one of the areas that’s seen declining prices. More surprisingly, Los Angeles isn’t in the top ten list of most overvalued cities. In fact, San Bernardino is the closest burb to make the list and the two other CA communities are farther north. Which is sweet, sweet news to my ears since our house is still on the market.

Always interesting reading, I pick up the times for their info when I get the chance. It gives by zipcode what things are doing. My zipcode is one of the few still posting double digit increases over a year ago, then again we are still viewed as affordable compared to Sierra Madre and Arcadia. Am more interested finding out why the huge disparity on why some busted and others didn’t. Not that it does me any good as I could never afford my neighborhood if I moved. Good luck with your sale.